Pfizer (NYSE: PFE) has received an upgraded rating from Hold to Buy and a raised price target from $33 to $38 at Jefferies Tuesday morning.

Pfizer's upgrades follows acknowledgments that Oncology and restructuring are key themes for the Pharma sector and Pfizer has
both of those covered with palbociclib looking like it could launch before year end, according to the firm's Jeffery Holland.

The Jefferies analyst expects the market to soon be reflecting incremental value in the shares based on the drivers above, adding significant upside to the companies shares.

Shares of Pfizer are up 2.7 percent to $31.42 at last check following the upgrade.